For my group presentation we have decided on healthy fast food restaurant-Healthy fast. We will implement segmentation, targeting, positioning, market research, differentiation and four Ps. my part is market research and differentiation our product. I need some ideas about market research and differentiation strategies and implementing those strategies for our product. This is our simple outline:
Healthy Fast Food Restaurant- Healthy Fast
Target Market- Involved families. People already concerned with health. Upper-middle class to Upper Class. Whole Food eaters
Position- Quick healthy eating, for those too busy to cook.
Market Research- focus groups
- Database = income, family size, location
Coupons in Good Housekeeping, Family Circle, and Fitness Magazines...
Story- food fuels life, want our kids to have a long and healthy one
App.- Partner with My Fitness Pal.
Segmentation- income, geographic location, upper class suburban areas, West Chester
- Webpage offers fun and active activities for families
- We say we are breaking the mold of fast food, have commercials promoting different family dynamics wanting to eat healthy?
You must determine the consumer needs and develop methods to meet these needs efficiently in order to target the market and exploit potential opportunities. To perform market research you must first determine who your customers are. This can be done by evaluating competitors and their customers. Here is a link to healthy fast food places: http://www.health.com/health/article/0,,20411588,00.html
It lists Panera Bread and Chipolte. These might be good starting points. Surprisingly, McDonalds is also listed. This chain should not be ignored. They reach a huge market share and have a focus on families. In addition they are putting increased emphasis on healthy food (http://www.nytimes.com/2013/09/27/business/mcdonalds-moves-toward-a-healthier-menu.html?_r=0). You don't need to reinvent the wheel, you need to study what others are doing and work on improving it. Get a copy of their annual reports. Surveying consumers and looking at sales data of competing chains (often public so easy to get) can help get more data. Visiting competitors is also an important part of market research. Don't limit yourself to simply looking at fast food options: consider upscale grocery stores (Whole Foods), simple restaurants, etc. The big item here is identifying the customer you are trying to ...
This detailed solution gives ideas for market research and differentiation tactics in starting a healthy fast food restaurant. Includes APA formatted references.